For the Quarter Ending December 2025
APAC
• In Japan, the Ethylene Dichloride Price Index fell by 3.99% quarter-over-quarter, reflecting abundant imports.
• The average Ethylene Dichloride price for the quarter was USD 184.33/MT, driven by import arbitrage.
• Ethylene Dichloride Spot Price remained rangebound, while the Price Index reflected export-driven buying, tightening availability.
• Ethylene Dichloride Price Forecast projects spring recovery as Production Cost Trend rises with firmer ethylene.
• Ethylene Dichloride Demand Outlook remains moderate as construction and semiconductor demand partly offset automotive weakness.
• Inventory levels remained adequate, while exporters offered discounts, pressuring offers, and limiting spot procurement interest.
• South Korean and Taiwanese exporters ran high operating rates, tightening spot availability and supporting rallies.
• End-of-year contract coverage limited fresh buying, though new-year restocking could prompt firmer export offers early.
Why did the price of Ethylene Dichloride change in December 2025 in APAC?
• Abundant imports from the US and Taiwan increased supply, undercutting domestic offers and pressuring December prices.
• Lower ethylene feedstock costs eased Production Cost Trend pressure, reducing supplier cash-cost push for offers.
• Stable freight and smooth ports removed logistics premiums, enabling competitive landed costs and softer pricing.
Europe
• In Spain, the Ethylene Dichloride Price Index fell by 16.12% quarter-over-quarter, reflecting abundant supply conditions.
• The average Ethylene Dichloride price for the quarter was approximately USD 137.00/MT, showing muted trading volumes.
• Ethylene Dichloride Spot Price remained range-bound as imports and domestic runs balanced availability recently.
• Ethylene Dichloride Price Forecast shows modest upside into early 2026, driven by pre-spring restocking activity.
• Ethylene Dichloride Production Cost Trend eased slightly as Iberian electricity softened, improving chlor-alkali economics modestly.
• Ethylene Dichloride Demand Outlook remains subdued with construction weakness and PVC fragility limiting converter procurement.
• Ethylene Dichloride Price Index volatility was tempered by two-week inventories and smoother Tarragona port operations.
• Major local units ran near capacity while import reliance left markets sensitive to freight dynamics.
Why did the price of Ethylene Dichloride change in December 2025 in Europe?
• Ample import availability and steady domestic runs increased inventories, reducing urgency among regional buyers overall.
• Easing electricity costs trimmed production expenses, but elevated ethylene feedstock kept margins under pressure, therefore.
• Logistics improvements lowered freight premiums, yet the construction seasonal slowdown constrained PVC demand and spot buying.
MEA
• In Saudi Arabia, the Ethylene Dichloride Price Index rose by 1.23% quarter-over-quarter, supported by exports.
• The average Ethylene Dichloride price for the quarter was approximately USD 191.67/MT. reflecting balanced conditions.
• Ethylene Dichloride Spot Price remained range-bound, with muted merchant inquiries and comfortable producer terminal inventories
• Ethylene Dichloride Price Forecast indicates limited upside absent feedstock shocks or unexpected production outages, therefore.
• Ethylene Dichloride Production Cost Trend benefited from lower ethylene feedstock, but higher wages trimmed margins.
• Ethylene Dichloride Demand Outlook stays moderate, underpinned by Vision 2030 construction activity and PVC consumption.
• Ethylene Dichloride Price Index remained narrow, high run-rates and subdued Asian import interest constrained rallies.
• Jubail and Yanbu complexes ran at high rates, keeping merchant availability ample for export demand.
Why did the price of Ethylene Dichloride change in December 2025 in MEA?
• High run-rates and uninterrupted ethylene supply expanded output, increasing exportable volumes and pressuring spot markets.
• Lower ethylene feedstock reduced production costs, while higher wages and imported materials offset some relief.
• Domestic PVC activity steady under Vision 2030 projects, but subdued Asian buying limited price support.
North America
• In the USA, the Ethylene Dichloride Price Index rose by 7.36% quarter-over-quarter, reflecting stronger exports.
• The average Ethylene Dichloride price for the quarter was approximately USD 92.33/MT, reflecting range-bound activity.
• Ethylene Dichloride Spot Price remained subdued amid balanced Gulf Coast supply and cautious international buying sentiment.
• Ethylene Dichloride Price Forecast expects modest softness given ample ethylene supply and elevated terminal inventories.
• Ethylene Dichloride Production Cost Trend improved as cheaper ethylene feedstock reduced variable costs, supporting margins.
• Ethylene Dichloride Demand Outlook stays muted with seasonally lower construction activity and cautious Asian purchasing.
• Ethylene Dichloride Price Index pressure reflected elevated inventories and restrained export arbitrage, limiting upward momentum.
• Planned restocking and potential weather disruptions could tighten merchant availability, prompting selective buying from distributors.
Why did the price of Ethylene Dichloride change in December 2025 in North America?
• Abundant ethylene feedstock and high cracker runs lowered production costs while increasing local EDC availability.
• Subdued export demand and cautious Asian purchasing restrained arbitrage, leaving excess Gulf Coast supply available.
• Stable logistics and adequate terminal inventories prevented shortages, keeping prices range-bound despite seasonal restocking influences.
South America
• In Brazil, the Ethylene Dichloride Price Index rose by 4.9% quarter-over-quarter, driven by PVC demand.
• The average Ethylene Dichloride price for the quarter was approximately USD 149.33/MT, reflecting import-linked valuation.
• Ethylene Dichloride Spot Price remained range-bound amid steady U.S. Gulf supplies and balanced coastal inventories.
• Ethylene Dichloride Production Cost Trend softened as upstream ethylene weakened, lowering cost pressure for imports.
• Ethylene Dichloride Demand Outlook remains mixed as PVC converters hold runs amid financing constraints and caution.
• Ethylene Dichloride Price Index volatility reflected freight shifts, tariff changes, and offers from U.S. suppliers.
• Ethylene Dichloride Price Forecast indicates fluctuations as seasonal restocking and procurement cycles affect import volumes.
• Ethylene Dichloride cited balanced stocks, stable cracker runs, and Santos port operations sustaining short-term price stability.
Why did the price of Ethylene Dichloride change in December 2025 in South America?
• U.S. Gulf import availability and competitive margins kept landed costs low, producing flat December prices.
• Domestic construction weakness and tight credit reduced PVC demand, diminishing spot EDC offtake during December.
• Balanced inventories and steady cracker run rates limited upside, while tariffs and freight influenced offers.
For the Quarter Ending September 2025
North America
• In the USA, the Ethylene Dichloride Price Index fell by 16.75% quarter-over-quarter, driven by weak PVC demand.
• The average Ethylene Dichloride price for the quarter was approximately USD 106.00/MT, based on USGC deliveries.
• Ethylene Dichloride Spot Price volatility narrowed as the Price Index softened due to balanced supply and modest exports.
• Ethylene Dichloride Production Cost Trend eased with lower ethylene feedstock costs, supporting margins despite weak offtake.
• Ethylene Dichloride Demand Outlook remains muted; Price Forecast indicates range-bound movement until PVC markets show durable recovery.
• Ethylene Dichloride Price Index weakness reflected inventory accumulation and constrained export liftings, moderating spot market tightness.
• Merchant supply withdrawals and selective curbs tightened prompt availability, supporting regional Price Index firmness in September.
Why did the price of Ethylene Dichloride change in September 2025 in North America?
• Weak PVC demand reduced EDC offtake, causing inventories to rise and the Price Index to decline.
• Lower ethylene costs eased production expenses, but merchant pullbacks and soft exports pressured spot availability.
• Logistics constraints and seasonal freight pressure increased delivered costs while operating rates kept supply largely balanced.
APAC
• In Japan, the Ethylene Dichloride Price Index fell by 11.79% quarter-over-quarter in Q3 2025, reflecting weaker PVC demand.
• The average Ethylene Dichloride price for the quarter was approximately USD 192.00/MT CFR Nagoya; sourcing stability limited volatility.
• Ethylene Dichloride Spot Price stayed volatile amid balanced stocks; the Price Index reflected intermittent importer buying and restocking.
• Ethylene Dichloride Production Cost Trend showed mild upward pressure from ethylene feedstock costs, yet Price Index remained subdued.
• Ethylene Dichloride Demand Outlook is cautiously optimistic given construction support, while Price Forecast anticipates modest seasonal recovery.
• Rising coastal inventories and steady import flows pressured the Price Index, constraining the Ethylene Dichloride Price Forecast.
• Planned maintenance at regional producers briefly tightened flows, but alternative sourcing kept the Ethylene Dichloride Price Index largely range-bound.
Why did the price of Ethylene Dichloride change in September 2025 in APAC?
• High imports from South Korea and China increased supply, weighing on Ethylene Dichloride Price Index.
• Soft downstream PVC offtake from automotive weakness reduced demand, limiting Ethylene Dichloride Spot Price upside.
• Slightly firmer ethylene feedstock costs and sustained logistical costs lifted production cost trend, capping downside.
Europe
• In Spain, the Ethylene Dichloride Price Index fell by 15.8% quarter-over-quarter, reflecting oversupply and weak PVC demand.
• The average Ethylene Dichloride price for the quarter was approximately USD 163.33/MT, reflecting subdued spot activity.
• Ethylene Dichloride Spot Price weakness mirrored regional PVC softness despite intermittent feedstock-driven tightening weeks and constrained exports.
• Ethylene Dichloride Price Forecast anticipates modest recovery if PVC demand strengthens and producers curtail output to rebalance stocks.
• Ethylene Dichloride Production Cost Trend eased as ethylene feedstock prices declined, supporting margins despite weak downstream offtake.
• Ethylene Dichloride Demand Outlook remains muted with construction weakness offset partially by resilient automotive and EV related PVC demand.
• Ethylene Dichloride Price Index volatility reflected elevated inventories and limited export opportunities constraining merchant market liquidity.
• Major producers maintained steady operating rates while selective curtailments and logistical disruptions intermittently tightened local availability.
Why did the price of Ethylene Dichloride change in September 2025 in Europe?
• Persistent oversupply and elevated inventories pressured prices, as producers ran at steady rates and spot availability increased.
• Weak PVC demand from construction and subdued commercial activity reduced offtake, driving sellers to offer discounts.
• Lower ethylene costs eased production expenses, but limited export demand and logistical factors failed to absorb excess supply.
MEA
• In Saudi Arabia, the Ethylene Dichloride Price Index fell by 16.1% quarter-over-quarter, reflecting weak PVC offtake and inventories.
• The average Ethylene Dichloride price for the quarter was approximately USD 189.33/MT, observed across Saudi ex-Riyadh deliveries.
• Ethylene Dichloride Spot Price remained range-bound as domestic plant run-rates matched moderate PVC demand and steady inventories.
• Ethylene Dichloride Demand Outlook shows steady consumption driven by construction and automotive, offsetting weak Asian export interest.
• Ethylene Dichloride Production Cost Trend softened as lower ethylene feedstock prices eased producer margins and supported rates.
• Ethylene Dichloride Price Forecast indicates limited near-term upside absent export demand recovery or significant inventory drawdowns internationally.
• Ethylene Dichloride Price Index movement influenced by elevated stocks, restrained exports, and operations at Saudi producers.
Why did the price of Ethylene Dichloride change in September 2025 in MEA?
• Domestic PVC offtake softened, reducing merchant purchases despite steady plant operating rates and routine export flows.
• Ethylene feedstock prices eased, lowering production costs and limiting upward pressure on EDC Price Index margins.
• Elevated inventories and weak Asian export demand combined with occasional logistical risk increased war-risk freight premiums.
South America
• In Brazil, the Ethylene Dichloride Price Index fell by 8.76% quarter-over-quarter, reflecting weak downstream demand and abundant imports.
• The average Ethylene Dichloride price for the quarter was approximately USD 142.33/MT, reflecting mixed sectoral demand.
• Ethylene Dichloride Spot Price remained supported by steady U.S. exports and Santos port congestion tightening availability.
• Ethylene Dichloride Price Forecast indicates modest volatility with balanced supply and uneven downstream pull moderating upside.
• Ethylene Dichloride Production Cost Trend reflected stable feedstock ethylene and variable freight, constraining significant producer cost pressures.
• Ethylene Dichloride Demand Outlook is mixed as robust automotive PVC demand offsets weak construction and cautious converter procurement.
• Ethylene Dichloride Price Index movements linked to rising port inventories and export competition from U.S. Gulf shipments.
Why did the price of Ethylene Dichloride change in September 2025 in South America?
• Consistent U.S. export availability and steady production increased import inflows, pressuring local EDC supply balances.
• Weak construction PVC demand and cautious converter purchasing reduced domestic offtake, weighing on September price dynamics.
• Feedstock and logistics costs softened, while currency moves and export competition influenced landed import parity values.
For the Quarter Ending June 2025
North America
• The EDC Spot Price in the U.S. dropped significantly by 32.5% quarter-on-quarter, settling at USD 94/MT FOB USGC by the end of June 2025. The drastic fall in the Price Index was largely driven by persistent oversupply, weak downstream demand, and intensified global competition.
• Why did the Price Index change in July 2025?
The Price Index likely continued its downward trajectory in early July due to weak global PVC demand and elevated inventory levels across the supply chain. Without notable production cuts or demand recovery, prices are expected to remain soft.
• Despite intermittent tightness in chlorine feedstock supply, overall EDC production costs remained stable. However, producers struggled with negative margins as product pricing declined faster than input cost reductions. Rising logistics and energy components also pressured the EDC Production Cost Trend.
• Inventory levels remained high throughout the quarter as producers ran at consistent rates, while sluggish demand from both domestic and export markets failed to absorb available supply.
• While some export support came from markets like India, Southeast Asia, and Europe, it was insufficient to balance domestic oversupply. Increased cargoes from Asia and the Middle East intensified pricing pressure on U.S. exports.
• Spot prices declined progressively during the quarter—from USD 155/MT in late April to USD 85/MT by early June. The steady fall reflected limited spot transactions, poor procurement appetite, and ample supply availability.
• The EDC Demand Outlook remained weak in Q2 2025. Demand from the PVC sector—EDC's main downstream segment—remained subdued, with spot activity low and forward buying cautious.
• The EDC Forecast for Q3 2025 remains bearish unless substantial changes occur in the PVC sector or producers initiate significant supply cuts. With ample global supply and subdued demand, the outlook for price recovery remains limited.
APAC(China)
• The Price Index for Ethylene Dichloride (EDC) in China declined by 18.9% quarter-on-quarter, with spot prices falling to USD 234/MT FOB Shanghai by the end of June 2025.
• Why did the Price Index change in July 2025?
EDC prices in China likely remained stable in early July, following the flat pricing trend observed through late June, as both demand and supply appeared balanced. However, any further price movement will depend on shifts in PVC procurement and upstream ethylene costs.
• The EDC Spot Price in China dropped significantly over Q2, with sharper declines seen in April and May, followed by a plateau at USD 234/MT through June. Early quarter volatility was driven by sluggish PVC demand and abundant regional availability.
• Looking ahead, EDC prices in China may face sustained bearish pressure if demand from downstream PVC producers does not recover meaningfully. However, steady operations at integrated plants and moderated domestic production may cushion against sharp declines.
• Softening feedstock ethylene prices helped reduce EDC production costs, although stable chlorine values offset some of this decline. Local producers faced minimal cost volatility during the quarter.
• Downstream demand from PVC manufacturers remained lacklustre due to weak construction activity and cautious procurement amid uncertain economic conditions. Export interest also faltered, contributing to overall subdued market sentiment.
• No major supply disruptions occurred, and production remained stable throughout the quarter.
Europe (Germany)
• Price Index: The EDC Spot Price in Germany fell by 21.4% quarter-on-quarter, settling at USD 140/MT FD Hamburg by the end of June 2025. The sharp decline in the EDC Price Index reflects significant oversupply, persistently weak downstream demand, and bearish sentiment across the PVC value chain.
• Why did the Price Index change in July 2025?
The Price Index likely continued its downward trend in early July due to elevated inventory levels, stagnant construction activity, and weak PVC consumption, further suppressing EDC demand and pricing.
• EDC production costs were under pressure from weak vinyl chloride monomer (VCM) margins and steady upstream ethylene prices. Although input costs remained relatively stable, high inventory carrying costs and low operating margins weighed heavily on producers.
• Elevated inventory levels were reported across major German storage hubs due to continued high plant operating rates earlier in the quarter and weak offtake. This stock overhang further contributed to aggressive price competition among sellers.
• Despite falling demand, production remained high through Q2, leading to regional oversupply. Additional pressure came from competitively priced imports from the U.S. and Asia, which intensified the need for domestic sellers to adopt deep discounts.
• The EDC Demand Outlook in Germany remained muted. Sluggish PVC off-take from the construction sector curtailed consumption. Traders and buyers continued to adopt a cautious stance, limiting forward bookings.
• Export opportunities remained subdued, as global buyers explored cheaper alternatives and economic uncertainties delayed international procurement decisions.
• Looking ahead to Q3 2025, the EDC Price Forecast remains bearish unless European PVC demand experiences a sustained rebound.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. Ethylene Dichloride (EDC) market witnessed a mixed yet overall downward price trend, closing the quarter at USD 165/MT FOB USGC, down from early January. The quarter began with stable pricing driven by balanced supply-demand dynamics and efficient inventory management despite economic uncertainty and seasonal construction slowdowns.
However, by late January, bearish market conditions took hold as frigid weather disrupted logistics and weakened procurement activity, leading to a price decline. February continued the downtrend, with falling feedstock ethylene prices, oversupply, and subdued PVC sector demand intensifying downward pressure. Export challenges, coupled with weak construction sector performance due to high mortgage rates and reduced builder confidence, further dampened market sentiment.
Despite stable demand from the automotive sector, the impact was limited amid overall market softness. March saw prices stabilize, supported by consistent PVC procurement and steady production rates. Although feedstock costs fluctuated, they did not significantly disrupt supply. The market-maintained equilibrium, but low export activity and subdued global demand capped any potential rebound. Looking ahead, unless there’s a notable recovery in construction or exports, EDC prices are expected to remain stable but bearish in the near term.
APAC
In Q1 2025, the Ethylene Dichloride (EDC) market in Japan experienced a gradual weakening in sentiment following a period of initial stability. Throughout January and most of February, the market remained steady, supported by consistent imports from South Korea and balanced supply-demand dynamics.
However, toward the latter part of the quarter, bearish trends began to emerge. This shift was largely influenced by subdued activity in the construction sector, where ongoing labour shortages, delayed infrastructure projects, and uncertainty surrounding potential interest rate hikes curbed demand for downstream PVC applications. While the automotive sector showed encouraging signs—particularly in February with rising vehicle sales—the rebound was not strong enough to offset the overall market softness. Moreover, ample supply across the region, particularly from South Korea, combined with cautious procurement strategies among Japanese buyers, led to reduced trading activity. Weak demand fundamentals, alongside adequate inventory levels, prompted market participants to adopt a conservative outlook.
Despite some support from sectors like automotive and infrastructure, the quarter ended with a softer market tone, and unless demand fundamentals improve or supply tightens, the EDC market in Japan is likely to remain under pressure in the near term.
Europe
In Q1 2025, the Ethylene Dichloride (EDC) market in Europe exhibited significant volatility, shaped by fluctuating demand and shifting supply conditions. The quarter began with relatively firm pricing, supported by steady production costs and balanced supply-demand dynamics.
However, this stability was short-lived, as bearish market fundamentals soon took hold. A persistent slowdown in the construction sector across key regions—particularly Germany, France, and the Netherlands—contributed to weak downstream demand for PVC, EDC’s primary application. Simultaneously, the automotive sector faced production challenges and declining sales, though rising electric vehicle registrations offered limited support. Oversupply remained a defining feature of the quarter, with steady domestic production and stable imports resulting in elevated inventory levels that outpaced consumption.
Despite temporary price increases driven by supply constraints and higher input costs in early March, these gains were quickly reversed as spot trading activity diminished and buyers adopted a cautious procurement strategy. The weakening of the upstream ethylene market further pressured EDC production costs, adding to the downward price momentum. Overall, Q1 closed with a soft market tone, driven by a mismatch between supply and demand, with future pricing trends likely hinging on a meaningful recovery in construction and automotive sectors or a tightening of regional supply.
